
\begin{table}[htbp]
\begin{center}
\begin{scriptsize}
\begin{tabular}{l D{.}{.}{3.5} D{.}{.}{3.5} D{.}{.}{3.5} D{.}{.}{3.5} D{.}{.}{3.5} D{.}{.}{3.5}}
\toprule
 & \multicolumn{2}{c}{DV:prices} & \multicolumn{4}{c}{DV:Losses} \\
\cmidrule(lr){2-3} \cmidrule(lr){4-7}
 & \multicolumn{1}{c}{(1)} & \multicolumn{1}{c}{(2)} & \multicolumn{1}{c}{(Democracies)} & \multicolumn{1}{c}{(Democracies)} & \multicolumn{1}{c}{(Autocracies)} & \multicolumn{1}{c}{(Autocracies)} \\
\midrule
Democracy$_{t-1}$                                         & -0.22^{***}             & -0.25^{***}             &                         &                         &                         &                         \\
                                                          & (0.08)                  & (0.08)                  &                         &                         &                         &                         \\
State Capacity$_{t-1}$                                    &                         & -0.19                   &                         & -0.09                   &                         & 0.02                    \\
                                                          &                         & (0.12)                  &                         & (0.07)                  &                         & (0.09)                  \\
Imports$_{t-1}$                                           &                         & -0.00                   &                         & 0.00                    &                         & 0.00                    \\
                                                          &                         & (0.00)                  &                         & (0.00)                  &                         & (0.00)                  \\
Exports$_{t-1}$                                           &                         & 0.01^{**}               &                         & -0.00                   &                         & -0.00                   \\
                                                          &                         & (0.00)                  &                         & (0.00)                  &                         & (0.00)                  \\
Population (log)$_{t-1}$                                  &                         & -2.83^{***}             &                         & -0.14                   &                         & 0.54                    \\
                                                          &                         & (0.50)                  &                         & (0.35)                  &                         & (0.52)                  \\
Real GDP per capita (log)$_{t-1}$                         &                         & 0.08                    &                         & -0.11                   &                         & 0.07                    \\
                                                          &                         & (0.15)                  &                         & (0.18)                  &                         & (0.13)                  \\
Electricity Consumption$_{t-1}$                           &                         & -0.00^{***}             &                         & 0.00                    &                         & -0.00^{*}               \\
                                                          &                         & (0.00)                  &                         & (0.00)                  &                         & (0.00)                  \\
Population Density$_{t-1}$                                &                         & 0.00                    &                         & -0.00                   &                         & -0.00                   \\
                                                          &                         & (0.00)                  &                         & (0.00)                  &                         & (0.00)                  \\
Losses Cycle$_{t-1}$                                      &                         &                         & 0.56^{***}              & 0.55^{***}              & 0.54^{***}              & 0.49^{***}              \\
                                                          &                         &                         & (0.05)                  & (0.05)                  & (0.06)                  & (0.06)                  \\
GDP Output Gap$_{t-1}$                                    &                         &                         & -0.05^{**}              & -0.06^{**}              & 0.01                    & 0.00                    \\
                                                          &                         &                         & (0.02)                  & (0.02)                  & (0.01)                  & (0.01)                  \\
Electricity price$_{t-1}$                                 &                         &                         & -0.01                   & 0.01                    & 0.03                    & 0.04                    \\
                                                          &                         &                         & (0.02)                  & (0.02)                  & (0.03)                  & (0.04)                  \\
Electricity price$_{t-1}$ $\times$ GDP Output Gap$_{t-1}$ &                         &                         & 0.01                    & 0.01                    & -0.02^{**}              & -0.01                   \\
                                                          &                         &                         & (0.01)                  & (0.01)                  & (0.01)                  & (0.01)                  \\
\midrule
Year dummies                                              & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} \\
Country fixed-effects                                     & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} \\
Number of countries                                       & 65                      & 58                      & 39                      & 37                      & 27                      & 27                      \\
Adj. R$^2$                                                & 0.80                    & 0.85                    & 0.51                    & 0.52                    & 0.65                    & 0.65                    \\
Num. obs.                                                 & 962                     & 815                     & 422                     & 414                     & 252                     & 252                     \\
\bottomrule
\multicolumn{7}{l}{\tiny{$^{***}p<0.01$; $^{**}p<0.05$; $^{*}p<0.1$}}
\end{tabular}
\end{scriptsize}
\caption{Effect of Democracy on Residential Prices, and Ciclicality of Electricity Losses Conditional on Residential Prices}
\label{tab:prices_democracy}
\end{center}
\end{table}
